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June/July
2006 |
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AIRA
President’s Letter
Soneet R. Kapila |
Dear AIRA Members:
As I write my final President’s
letter, it is gratifying to reflect on the impressive accomplishments
of the AIRA over the past two years. In the face of a turbulent
environment due to economic stability based on low interest rates
and legislative changes, the Association fulfilled and expanded
its role as the most respected and authoritative resource for
information on and development of financial aspects of the insolvency
practice. Thanks to the commitment and contributions of many of
its members, the AIRA has made a number of significant contributions
during this time period:
• Changes to SOP 90-7 - a report and
recommendation to the FASB
• 2005 Bankruptcy Revisions - Implications for Businesses
and Financial Advisors—book published in collaboration
with the AICPA
• Paper on § 419 of BAPCPA - submitted to the Federal
Bankruptcy Rules Committee
• Educational courses addressing the BAPCPA, including
a 12-hour self-study course
• CDBV Certification Program - launched in the fall of
2004.
• The milestone of 900 CIRA certificates has been surpassed;
by the end of this year, it is expected to reach 1000
None of this could have been accomplished without
the tireless efforts and commitment of several committee and board
members. The remarkable achievements of the AIRA are due to the
fact that it is comprised of a large number of the most qualified
and dedicated professionals in this field.
The changes in AIRA’s membership mix show
its response to the dynamic insolvency landscape by the inclusion
of a larger number of lenders, business turnaround specialists,
investment bankers and attorneys. To take the lead in meeting
the opportunities and challenges of the next year, the Association
has chosen Alan Holtz of AlixPartners, a highly regarded turnaround
professional, to serve as President starting in July of 2006,
and Grant Stein, Esq.,of Alston and Bird will step up to the plate
as President-Elect.
It has been a privilege to serve as President
for two years. I thank the AIRA for this opportunity. Most importantly,
I have been able to get acquainted and work with several co-professionals
and learn from their experience. I would also like to thank the
Board of Directors, Grant Newton, especially the administrative
staff at the executive office, and my personal assistant, Michelle
Sams, for making it as easy as possible for me to function in
this role; committee members who helped in the execution of numerous
plans; and past Presidents who provided much needed counsel on
the direction of the organization.
Seattle is going to be another wonderful Annual
Conference, and I look forward to seeing you there in June.
Best wishes,
Soneet R. Kapila
AIRA President
Soneet
R. Kapila, CPA, CIRA, CFE, is the founding principal
of Kapila & Company which has concentrated its efforts for
many years in the areas of consulting and representing bankruptcy
debtors, creditor bodies and trustees. His practice is concentrated
in the areas of creditors’ rights, bankruptcy and financial
transactions litigation. He also regularly advises clients about
the insolvency implications involved in business transactions.
Mr. Kapila has served as Bankruptcy Trustee, Examiner and state
Court Receiver in numerous matters in the Southern District of
Florida. He has advised and represented debtors and creditors’
committees in formulating, analyzing and negotiating plans of
reorganization.
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